Las Vegas home prices increase for eighth consecutive month
Las Vegas, NV (KTNV) -- Home prices in Las Vegas have increased for the eighth straight month, according to statistics released today by the Great Las Vegas Association of Realtors.
The reported median price of single-family homes sold in September was $140,000. That is up 1.4 percent from August and 13.5 percent from one year ago.
The median price of condominiums and townhomes in September was $70,250. That is an increase of 24.3 percent from one year ago.
Home prices have not increased for this many consecutive months since 2004.
The increase is being driven by a tight housing supply and a record number of short sales.
“As long we continue to have such a short supply of homes listed for sale, prices have the potential to keep increasing, or at least to remain fairly stable,” said GLVAR President Kolleen Kelley, a longtime local realtor.
However, number of sales is down.
The total number of sales for September was 3,298. That is down from 3,688 in August and down from 4,107 total sales in September of 2011.
Many people are rushing to short sale their home by the end of 2012, when the Mortgage Forgiveness Debt Relief Act is set to expire unless Congress decides to extend it.
44.8 percent of all existing homes sold in September were short sales. That is up 43.7 percent in August and 23.5 percent from one year ago. It is also the highest short-sale percentage ever recorded by GLVAR.